Chelsea in sight of record £50m deal for Atletico Madrid star Sergio Aguero

Chelsea are closing in on a deal for Sergio Aguero from Atletico Madrid which could be worth £50million - and make the Argentina striker the highest-paid player in the Barclays Premier League.

Aguero’s pay demands mean he is likely to earn more than Manchester City’s Emmanuel Adebayor, who is believed to be on a £170,000-a-week deal at Eastlands.

Plenty to shout about: Atletico Madrid striker Sergio Aguero could be on his way to Chelsea in a record £50m deal

Blues boss Carlo Ancelotti is set to launch a spending spree in the January transfer window after the Court of Arbitration for Sport suspended the club’s controversial transfer ban imposed by FIFA.

Chelsea were suspended from signing players for two transfer windows in September after being found guilty of inducing Gael Kakuta - then a 15-year-old with Lens - to break his contract with the French club two years ago.

Ancelotti has been tracking Aguero for some time but was understood to be put off initially by Atletico’s astronomical price tag.

The Italian coach was also concerned by the player’s lack of maturity at just 21, while at one stage Chelsea were also not prepared to meet his excessive wage demands.

However, after seeing Aguero score two stunning goals against Chelsea in the 2-2 draw away at Atletico in the Champions League earlier this month - and with the transfer ban lifted, if only temporarily - Chelsea owner Roman Abramovich has changed his stance.

The club have already had a £31m bid for Aguero turned down last summer but are now prepared to increase their offer.

Aguero volleys home a stunning goal against Chelsea in the Champions League recently

The Argentina forward has a £53m buy-out clause in his contract but Chelsea believe they can land Aguero for less as he would be ineligible to play for them in the Champions League.

Ancelotti is convinced Aguero can form a potent partnership alongside Didier Drogba, which would mean Nicolas Anelka being relegated to third-striker status.

Aguero is just the type of player who fits the bill for Ancelloti as he mounts a challenge for Premier League honours.

Averaging a goal every three games, Aguero appears to have welcomed Chelsea’s interest and said recently: ‘It’s nice people say I could play in a team like Chelsea. They are one of the best in the world. I like it (Chelsea’s interest) and it makes me happy.’

When Ancelotti was asked about Aguero after the draw in Spain, the Chelsea boss said: ‘I like him. I think Aguero can play with Drogba for sure.’